Malaysia's Yinson takes majority control over 140 MW of Indian solar assets
Bhadla Solar Park. Image by: Yinson Holdings.
Malaysia’s Yinson Holdings Bhd (KLSE:YINSON) has agreed to lift to 95% its stake in the owner of 140 MW of solar parks in India’s Rajasthan state.
Through its Indian arm Yinson Renewables (S) Pte Ltd, the Malaysian group will purchase an additional equity interest of 57.5% in Rising Sun Energy Pvt Ltd for INR 1.1 billion (USD 14.8m/EUR 12.5m), it said last week. Yinson bought an initial 37.5% stake in the India-based company in March in a deal that marked its entry into the renewables market.
Rising Sun Energy is the owner of two operational photovoltaic (PV) plants located within the Bhadla Solar Park. Once the deal with Yunson closes, the company will operate as a subsidiary of the Malaysian firm.
The solar plants in question have been operational since 2017 and have in place 25-year power purchase agreements (PPAs) with government-owned utility NTPC Ltd (BOM:532555). The contracts expire in 2042.
Upon completion of the transaction, Yinson’s total investment in Rising Sun Energy will stand at around INR 2.3 billion. The Malaysian company’s vision is to become a global energy solutions provider, with a focus on renewables. India is considered to be "an important growth market" for its renewables segment, said David Brunt, Yinson's CEO for Renewables.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.